Thursday update

SHORT TERM: consolidation day, DOW -98

Overnight the Asian markets gained 0.1%. Europe opened higher and gained 0.1% as well. US index futures were lower overnight. At 8:30 building permits, housing starts, and the Philly FED were all reported lower, plus, weekly jobless claims improved. Following yesterday’s gap up opening and a 27-SPX point rally. The market opened 4 points below yesterday’s SPX 2803 close, rallied to 2805 in the opening minutes, then dropped to 2793 by 11:30. After that a rally to SPX 2806 by 2:30, led too a pullback to 2795 by 3:30, then the market closed at 2798.

For the day the SPX/DOW lost 0.25%, and the NDX/NAZ were mixed. Bonds dropped 8 ticks, Crude slipped 20 cents, Gold slid $3, and the USD was higher. Medium term support remains at the 2780 and 2731 pivots, with resistance at the 2798 and 2835 pivots. Tomorrow: consumer sentiment at 10am, and it’s options expiration.

After two gap up opening days, and some volatility, the market quieted down today with a narrower range above/below SPX 2800. No change on the short term count. But an odd pattern from SPX 2557 is beginning to emerge. More on this in the weekend update. Short term support is at the 2780 and 2731 pivots, with resistance at the 2798 and 2835 pivots. Short term momentum ended the day around neutral. Best to your trading Opex Friday!

MEDIUM TERM: uptrend

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp